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| Metrics | Range | Conclusion |
|---|---|---|
| Discount Rate | 9.3% - 8.3% | 8.8% |
| Terminal Revenue Multiple | 1.5x - 1.7x | 1.6x |
| Fair Value | €97 - €115.46 | €105.94 |
| Upside | 7.0% - 27.3% | 16.8% |
| Select Revenue and EBITDA Forecast | |||||||||||
| (USD in millions) | Input Projections | ||||||||||
| Fiscal Years Ending | Dec-24 | Dec-25 | Dec-26 | Dec-27 | Dec-28 | Dec-29 | Dec-30 | Dec-31 | Dec-32 | Dec-33 | Dec-34 |
| Revenue | 11,801 | 12,069 | 12,352 | 12,651 | 13,670 | 14,180 | 14,464 | 14,753 | 15,048 | 15,349 | 15,656 |
| % Growth | -1.7% | 2.3% | 2.3% | 2.4% | 8.1% | 3.7% | 2.0% | 2.0% | 2.0% | 2.0% | 2.0% |
| EBITDA | 1,898 | 2,003 | 2,066 | 2,136 | 2,297 | 2,348 | 2,395 | 2,443 | 2,492 | 2,542 | 2,592 |
| % of Revenue | 16.1% | 16.6% | 16.7% | 16.9% | 16.8% | 16.6% | 16.6% | 16.6% | 16.6% | 16.6% | 16.6% |
| Calculation of Free Cash Flow | |||||||||||
| Projected Unlevered Cash Flow | |||||||||||
| Dec-25 | Dec-26 | Dec-27 | Dec-28 | Dec-29 | Dec-30 | Dec-31 | Dec-32 | Dec-33 | Dec-34 | ||
| EBITDA | 2,003 | 2,066 | 2,136 | 2,297 | 2,348 | 2,395 | 2,443 | 2,492 | 2,542 | 2,592 | |
| Other Income / (Exp) | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | |
| D&A | (310) | (313) | (313) | (676) | (701) | (715) | (730) | (744) | (759) | (774) | |
| EBIT | 1,693 | 1,753 | 1,822 | 1,621 | 1,647 | 1,680 | 1,713 | 1,748 | 1,783 | 1,818 | |
| Pro forma Taxes | (389) | (403) | (419) | (373) | (379) | (386) | (394) | (402) | (410) | (418) | |
| NOPAT | 1,117 | 1,303 | 1,350 | 1,403 | 1,248 | 1,268 | 1,293 | 1,319 | 1,346 | 1,373 | 1,400 |
| Capital Expenditures | (403) | (449) | (462) | (522) | (547) | (567) | (545) | (553) | (555) | (551) | (553) |
| NWC Investment | 3 | (4) | (4) | (5) | (16) | (8) | (4) | (4) | (5) | (5) | (5) |
| (+) D&A | 448 | 310 | 313 | 313 | 676 | 701 | 715 | 730 | 744 | 759 | 774 |
| Free Cash Flow | 1,165 | 1,161 | 1,197 | 1,190 | 1,362 | 1,394 | 1,459 | 1,491 | 1,530 | 1,576 | 1,616 |
| % Growth | 3% | -1% | 14% | 2% | 5% | 2% | 3% | 3% | 3% | ||